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Why I am still selling Real estate and not waiting tables.

By
Real Estate Broker/Owner with Great Homes Realty BK3242866

All that noise in the housing market?
It's opportunity knocking for us in Clearwater!

While the mass media are busy discussing how come so many real estate agents like me are still working as real estate agents and not as waiters; I started wondering if it was now the time for the intelligent Buyers to finally take over the shuddering remains of the housing market - I mean they would not be getting actual remains, they are still getting some great homes, gorgeous waterfront condos and beautiful new construction town homes, but at the prices of actual "remains".

View from the 17th floor condo. Proposed

for sale by the Bank at $284,000.

Sold last in 2006 for $634,000.

 

Everyday I see people here waiting on the fence for prices to crash even more.  Yeah, like that's going to happen! 

Take this condo, for example (well, that is just the view from its window). Wonderful 2/2 waterfront, 17th floor, completely remodeled. Last sold in 2006 for $634,000, now offered by the bank at $284,000. Are you sure you still want to wait?

(don't worry, many more great deals like this one are at the bottom of this e-mail)

Housing decline look like is part of a future Clearwater people don't like.

We continue to build new buildings, we re-elected the mayor who promoted the downtown and beach re-development, we voted for a new downtown marina; and we embraced the lending crisis as an opportunity to buy pre-foreclosures and bank owned properties cheaper than mobile homes.

 

The new project in Downtown Clearwater.

Mix of retail, offices and apartments

 

These buyers waiting on the fence should stop looking at the Clearwater market at large; it gives them the false perception it still hasn't crashed because a lot of properties are for sale by Sellers who don't really need to sell or who still price them based on future Clearwater appreciation. 

Look instead at that part of the market that was caught into the lending mess.

That part has crashed to the bottom and you better grab some before is gone. Amazingly, the Fed fund rate hasn't stopped the growth in short sales or foreclosures. These are your real deal. The REAL DEAL in 'real estate' . Yet in most of the country there are way too many foreclosures and sooner than later the government will have to find a solution. I hope you will not be still on the fence waiting when that happens because the 'deals' will be gone ...

 

Another example of great deal: 4Br/2ba home on double lot, 2370 sft. Offered by the Bank at $206,000. Almost 300K was owned in mortgage before they foreclosed on it.

 

Yes, I know. The media ... the TV ...

I have had poor relations with the media and 'know best' bloggers; though much of this depends on my strong dislike for the media in general who are trying to persuade everybody that real estate is not a very good place to put money.

They should be telling the truth: the loose credit and sub prime lending has been a disaster for few years and for a lot of people who did not really understand what adjustable rate, negative amortization and 'get cash out of your home like an ATM' really meant.

Today, finally, we have the official explanation of the housing downfall. Credit was too freely given to unqualified and unaware buyers. Explanation I briefly mentioned HERE long time ago.

For an Italian like me, grown up for the most part of my life without the even remote concept of credit cards or borrowed money, what happened is almost unconceivable. But this helped me to look for the good side of all this.

Real home ownership,  the American Dream, not the speculative investment, is now affordable again if we look at these special deals. Snow birds and baby boomers can now find deals that will allow them to actually enjoy their Florida condo and do what they came to Florida to do, retire instead of working 3 jobs in order to pay for it.

Remember: "A penny saved is a penny earned," so now we can easily earned again from buying real estate at great savings. How?

1) Short Sales (buying for much less than the mortgage owned on it with the lender's approval. The buyer is happy because he gets a bargain, and the bank is pleased to have the situation solved without having to foreclose on it. It also muddies the waters and gives the impression something is being done to solve the crisis). By the way, in case you missed it, I explained it already HERE; or

2) Foreclosed properties (bank owned homes that now the bank really wish didn't owned, as now has to maintain, pay property taxes, cut the lawn, and try to sell it into the same overloaded market which probably did not sell for months before foreclosure, so they better sell it really cheap and really fast).

Expect to see the unexpected if you know where to look. Not every discount means a good buy, tough. Many homes were overpriced or over appraised in the first place. Experience in the market is a key factor.

At any rate, buy as soon as you can.  Than buy more.   Do not do so recklessly, however.  Be financially responsible and seek the guidance of an experienced real estate agent who can advise you based on current market conditions, like we do.

Paola Lombardi is the owner/broker of Village Reality of Clearwater, Inc. Her career includes over three years in politics and 13 years as an accredited journalist. She can be reached at paola@ClearwaterPostulate.com http://www.newcondosclearwater.com/.

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(¸.·´ (¸.·Thank you!
 
Paola Lombardi,
broker
Great Homes Realty
727-461-0400

Short Sale & Pre-Foreclosure Certified Specialist
www.ClearwaterPostulate.com
 
If anyone you know is behind in their mortgage or headed to
foreclosure ask them to give me a call
 
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